Temporary Lease Agreement

BUYER’S TEMPORARY RESIDENTIAL LEASE

PARTIES: The parties to this Lease are _______________________ (Landlord) and __________________________________(Tenant).

LEASE: Landlord leases to Tenant the Property described in the Contract between Landlord as Seller and Tenant as Buyer dated _________________, _________, and known as __________________________________________________ (address).

TERM: The term of this Lease commences on _________________ and terminates as specified in Paragraph 18, but in no event shall this lease extend beyond the ___ day of ______________, 20___.

RENTAL: Rental will be $ ________ per day. Upon commencement of this Lease, Tenant shall pay to Landlord the full amount of rental of $_____________ for the anticipated term of the Lease which lasts until the anticipated closing date of the contract between Lessor and Lessee for the purchase of the property. If the actual term of this Lease differs from the anticipated term, rent will be prorated and paid at closing through the actual closing date. No portion of the rental will be applied to payment of any items covered by the Contract.

SECURITY DEPOSIT: Tenant has paid to Landlord $ ____________ as a deposit to secure performance of this Lease by Tenant. If this Lease is terminated before the closing, Landlord may use the deposit to satisfy Tenant’s obligations under this Lease. Landlord shall refund to Tenant any unused portion of the deposit together with an itemized list of all deductions from the deposit within 30 days after Tenant (a) surrenders possession of the Property and (b) provides Landlord written notice of Tenant’s forwarding address. If this Lease is terminated by the closing of the sale of the Property, the unused portion of the deposit will be refunded to Tenant at closing, together with an itemized list of all deductions from the deposit. NOTICE: The security deposit must be in addition to the earnest money under the Contract.

USE OF PROPERTY: Tenant may use the Property only for single family dwelling purposes. Tenant may not assign this Lease or sublet any part of the Property.

PETS: Tenant may not keep pets on the Property except __________.

CONDITION OF PROPERTY: Tenant accepts the Property in its present condition and state of repair, but Landlord shall make all repairs and improvements required by the Contract of Purchase. If this Lease is terminated prior to closing, Tenant shall surrender possession of the Property to Landlord in its present condition, as improved by Landlord, except normal wear and tear and any casualty loss.

ALTERATIONS: Tenant may not: (a) make any holes or drive nails into the woodwork, floors, walls or ceilings (b) alter, paint or decorate the Property or (c) install improvements or fixtures without the prior written consent of Landlord. Any improvements or fixtures placed on the Property during the Lease become a part of the Property.

SPECIAL PROVISIONS:

INSPECTIONS: Landlord may enter at reasonable times to inspect, replace, repair or complete the improvements.

LAWS: Tenant shall comply with all applicable laws, restrictions, ordinances, rules and regulations with respect to the Property.

REPAIRS AND MAINTENANCE: Tenant shall bear all expense of repairing and maintaining the Property, including but not limited to yard, trees and shrubs. Tenant shall promptly repair at Tenant’s expense any damage to the Property caused directly or indirectly by any act or omission of the Tenant or any person other than Landlord, Landlord’s agents or invitees.

INDEMNITY: Tenant indemnifies Landlord from the claims of all third parties for injury or damage to person or property of such third party arising from the use or occupancy of the Property by Tenant. This indemnification includes attorney’s fees, costs and expenses incurred by Landlord.

INSURANCE: Landlord and Tenant shall each maintain such insurance on the contents and Property as each party may deem appropriate during the term of this Lease. NOTE: CONSULT YOUR INSURANCE AGENT PRIOR TO CLOSING. Possession of the Property by Buyer as Tenant may change insurance policy coverage.

DEFAULT: If Tenant fails to perform or observe any provision of this Lease and fails, within 24 hours after notice by Landlord, to commence and diligently pursue to remedy such failure, Tenant will be in default.

TERMINATION: This Lease terminates upon (a) closing of the sale under the Contract of Purchase, (b) termination of the Contract of Purchase prior to closing, (c) Tenant’s default under this Lease, or (d) Tenant’s default under the Contract of Purchase, or (d) the date specified in paragraph 3, whichever occurs first. Upon termination other than by closing of the sale, Tenant shall surrender possession of the Property.

HOLDING OVER: An possession by Tenant after termination creates a tenancy at sufferance and will not operate to renew or extend this Lease. Tenant shall pay $_______ per day during the period of any possession after termination as damages, in addition to any other remedies to which Landlord is entitled.

ATTORNEY’S FEES: The prevailing party in any legal proceeding brought under or with respect to the transaction described in this Lease is entitled to recover from the non-prevailing party all costs of such proceeding and reasonable attorney’s fees.

SMOKE DETECTORS: Landlord may be required to install smoke detectors in certain locations within the Property at Landlord’s expense. Tenant expressly waives Landlord’s duty to inspect and repair smoke detectors.

SECURITY DEVICES: The requirements, if any, relating to security devices do not apply to this transaction and Tenant expressly waived same.

CONSULT YOUR ATTORNEY: This Lease is intended to be legally binding. READ IT CAREFULLY. If you do not understand the effect of this Lease, consult your attorney BEFORE signing.

NOTICES: All notices under this Lease from one party to the other must be in writing are effective when delivered or transmitted by facsimile machine as follows:

To Landlord: To Tenant:

_____________________ ________________________

_____________________ ________________________

_____________________ _________________________

Facsimile: _____________ Facsimile_________________

25. GOVERNING LAW: This agreement shall be governed by the laws of the State of Texas.

ENTIRE AGREEMENT: This agreement constitutes the entire agreement of the parties and shall not be modified except in writing signed by Tenant and Landlord.

CONSTRUCTION: As used in this agreement “Tenant” shall mean one or more persons, who execute this agreement and “Landlord” shall mean one or more persons who execute this agreement.